Another Stadium (Atlanta Falcons)

Falcons, GWCCA agree to new stadium termsThe Atlanta Falcons and the Georgia World Congress Center Authority have agreed to the terms of a business deal to build a new retractable roof stadium.

The GWCCA board approved the non-binding business terms in a special called meeting Monday morning.

In a press briefing before the board meeting, officials from the GWCCA and the Atlanta Falcons explained the agreement calls for the state convention center to own the building, but for the football team to assume all operations and receive all revenues during the 30-year term of the business deal. The Falcons will pay GWCCA a rent of $2.5 million per year, with a 2 percent increase each year.

“It is a good day for the city and the state,” said Atlanta Mayor Kasim Reed in response to the GWCCA board approval of the business terms.“I support the construction of a new stadium, and I think it’s just part of the process. I’m pleased they were able to come to an agreement today.”

Now, both parties will work to develop a legally-binding Memorandum of Understanding, which they hope to complete by mid-January. By that time, the Falcons and GWCCA will need to decide on a site. Currently, there are two sites under consideration — one about a half-mile north of the Georgia Dome along Northside Drive and the other directly south of the Georgia Dome.

Frank Poe, executive director of the GWCCA, also announced Monday morning that within 24 hours, the organizations will issue request for qualifications to architectural firms interested in designing the new stadium. The goal is to select an architect in February.

Currently, the new stadium is estimated to cost about $1 billion, with about $300 million covered by the current hotel-motel tax. The Falcons and the National Football League would be responsible for the balance of the project’s costs.

“The next 30 days will be busy,” said Rich McKay, president and CEO of the Atlanta Falcons. The parties would like to agree to an MOU by mid-January because they expect they will need approval from the General Assembly to increase the bond limit for the public funding from $200 million to $300 million.

If the legislature fails to increase that bond limit, Poe said:“It would pretty much put the brakes on (the stadium deal)”

McKay said one of the greatest areas of complexity in negotiating the business terms has been determining how to balance the interests of the football team with an ongoing enterprise — the GWCCA.

Currently, the GWCCA books events — from sporting competitions to conventions — in the Georgia Dome. Determining the priorities of those events and being able to accommodate all the various parties in the new stadium have added “complexities” to the negotiations.

The Falcons have argued the existing business agreement in the Georgia Dome put it at a disadvantage when compared to other NFL teams.

McKay explained when the existing Georgia Dome opened in 1992, the business deal was considered attractive among football teams.

But that quickly changed in the mid-1990s, when more stadiums were being built with public funds and teams were able to keep most, if not all, of the revenues generated by the facility.

Most recent deals, however, have been structured with about 65 percent public funding and 35 percent private funding.

“This deal is not that,” McKay said.“I wish it was, but it’s not.”

When asked about the site, both GWCCA and the Falcons said they were keeping their options open.

“We are comfortable on either site,” McKay said.“Both have a different set of good and bad issues to deal with.”

<quoted text> Yeah, funny how "products" cost money, talk to nannerpusss and get back to us....

How much money will this government business make?$80 million over 30 years (Taken from the article source) okay how much will this product cost to "manufacture" $300 MILLION, okay 300-80 = 220, so how do they make up the remaining 220 millioh, oh wait there's more (intrest will incur on those bonds what?) ohs o how much will that cost, well they haven't realesed their numbers. Good one slew

now there is a good town, atlanta home of jim carter and the AIDS capital of the world, yes atlanta has the highest rate of aids in the country. but that is ok per the liberal love fest.

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DSM Local wrote:

Falcons, GWCCA agree to new stadium termsThe Atlanta Falcons and the Georgia World Congress Center Authority have agreed to the terms of a business deal to build a new retractable roof stadium.The GWCCA board approved the non-binding business terms in a special called meeting Monday morning.In a press briefing before the board meeting, officials from the GWCCA and the Atlanta Falcons explained the agreement calls for the state convention center to own the building, but for the football team to assume all operations and receive all revenues during the 30-year term of the business deal. The Falcons will pay GWCCA a rent of $2.5 million per year, with a 2 percent increase each year.“It is a good day for the city and the state,” said Atlanta Mayor Kasim Reed in response to the GWCCA board approval of the business terms.“I support the construction of a new stadium, and I think it’s just part of the process. I’m pleased they were able to come to an agreement today.”Now, both parties will work to develop a legally-binding Memorandum of Understanding, which they hope to complete by mid-January. By that time, the Falcons and GWCCA will need to decide on a site. Currently, there are two sites under consideration — one about a half-mile north of the Georgia Dome along Northside Drive and the other directly south of the Georgia Dome.Frank Poe, executive director of the GWCCA, also announced Monday morning that within 24 hours, the organizations will issue request for qualifications to architectural firms interested in designing the new stadium. The goal is to select an architect in February.Currently, the new stadium is estimated to cost about $1 billion, with about $300 million covered by the current hotel-motel tax. The Falcons and the National Football League would be responsible for the balance of the project’s costs.

Yeah, funny how "products" cost money, talk to nannerpusss and get back to us....Take another do-over...you NEED IT.

Here ya go Slewsie, I will tell them who they are dealing with, and why YOU are the Champion!

(Share this with the "Folk" on your floor at the Asylum)

"Formidable Seattle Slewsie"

Our Champ is a World Class Stock Trader, A Brain Surgeon, A DOJO in the Sky Martial Artist, The Perfect Daughter, A Horse Whisperer, A Nobel Prize Winning Spell Checker, The Best Cellmate in the history of the Seattle West Insane Asylum, An Underwear Model with perfect legs, An Adviser to Kings, a Confidant of Presidents, and...... an all around well balanced person in spite of her superior talents.

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